Understanding how the HSN Code is used in India India has been a member of the World Customs Organization (WCO) since 1971 and has utilized 6-digit HSN codes for classifying goods in Customs and Central Excise since 1986. Over time, 2 additional digits were added for better differentiation. ...
Aggregate turnover in the preceding year more than 5 cr - Required to mention HSN Code upto 6 digitsOne should also note the following points in addition to this:- For B to C businesses with turnover upto 5 cr, the requirement to report 4 digit HSN Codes is not compulsory while it is...
In India, the HSN Code is an extended 8-digit system for classifying goods under the GST regime. It builds upon the global 6-digit HSN code by adding two more digits for further product categorization. This GST HSN code system serves two key purposes:: ...
With GST taking control most of the business owners will have to take up two to four or eight digits HSN codes for their goods and services depending on their turnover for a year. Dealers who have a turnover of Rs 1.5 crores up to 5 crores will have to use two digit HSN code. ...
Small taxpayers with annual turnover up to Rs 1.50 crores in preceding financial year need not be required to mention HSN code wise GST rate in their tax invoice Taxpayers having turnover exceeding Rs. 1.5 crore but up to 5.00 crore will be required to mention only two digits of GST HSN ...
Implementation in India:In India, HSN codes are used under the Goods and Services Tax (GST) regime. Businesses must use HSN codes when filing GST returns, ensuring proper classification and taxation of goods. The number of digits required (4, 6, or 8) depends on the business’s turnover....
The latest update from the GST E-invoice system on December 04, 2023, mandates taxpayers with an Aggregate Annual Turnover (AATO) of Rs. 5 Crores and above to include a minimum of 6 digits of theHSN codein e-Invoices. This requirement will be effective from December...
Since from 1st April 2021 it is important for the GST assessee who posses the turnover exceeds 5 cr in the before fiscal year, to file 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) upon the invoices provided for the ...
Since from 1st April 2021 it is important for the GST assessee who posses the turnover exceeds 5 cr in the before fiscal year, to file 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) upon the invoices provided for the ...